Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

AMP Acquires PFI

ATTN: BUSINESS EDITORS

AMP Asset Management today announced it had acquired the management contract for listed industrial property company, Property For Industry (PFI), for an undisclosed sum.

PFI is New Zealand's top listed industrial property investment company, having a portfolio of 37 properties located mainly in Auckland and Wellington. "We are delighted to have acquired the management contract for PFI," said AMP Asset Management Managing Director, Murray Gribben.

"As New Zealand's largest private property investment manager, we see real synergies in property investment management services, particularly as we move to an integrated global approach to investment property management," said AMP Asset Management's head of property, James Darkins.

"We also believe investors will benefit from the choice of two targeted top shelf listed property investments - PFI in industrial property and the AMP NZ Office trust in office property. Together these vehicles enable investors of all sizes to buy straight into best-of-class property investments," Mr Darkins said.

In 1998 PFI enjoyed gross shareholder returns of 19% and had a shareholder base of 3551. Its weighted average remaining lease term was 8.1 years. PFI listed on the New Zealand Stock Exchange in 1994 and has an independent board of directors.

AMP Asset Management is New Zealand's largest investment company managing funds of over $9 billion. ENDS....

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Trees: Surge Funding For Kauri Dieback And Myrtle Rust Research

“The $13.75 million investment announced today will mean that scientists can begin critically important research into kauri dieback and myrtle rust. It is vital that we get this work underway now to ensure that we combat these two pathogens and protect these taonga species." More>>

ALSO:

In Time For The Cup: Spark Sets 5G Date, Without Any Spectrum

Spark chief executive Simon Moutter has a big hairy audacious goal, to get the company's 5G mobile network up and running by July 2020 ... More>>

ALSO:

Mesh Mess: Commerce Commission To Appeal Steel & Tube Sentence

The Commission has today filed an appeal against the sentence imposed on Steel and Tube Holdings Limited (Steel & Tube) for false and misleading representations about steel mesh products. More>>

"Bipartisan Inaction": Rapid Rent Increases

The median nationwide rent has gone up $20 a week over the past two month, a rapid increase that is part of an upward trend overseen by both Labour and National Governments... More>>

ALSO: